Buying a Home in Florida: What You Need to Know
If you're considering buying a home in Florida, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Florida homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Florida-specific data to give you accurate monthly payment estimates.
Florida Property Taxes
Florida has an effective property tax rate of 0.74%, ranking #30 out of 50 states (where #1 is the highest). On a median-priced home of $412,000, you'd pay approximately $3,049 per year in property taxes, or about $254/month.
Florida's property tax rate is near the middle nationally. Property tax rates can vary by county, so check with your local tax assessor for exact rates in your area.
Florida Homeowners Insurance
The average annual homeowners insurance premium in Florida is $5,838 for $300,000 in dwelling coverage, or about $487/month.
Florida has some of the highest insurance costs in the country. This is typically due to weather-related risks such as hurricanes, tornadoes, hail, or wildfires. Consider shopping multiple insurers and asking about discounts for security systems, new roofs, or bundling policies.
Florida Closing Costs
Closing costs in Florida average 1.82% of the home's purchase price. On a $412,000 home, that's approximately $7,498. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
Florida Housing Market
The median home price in Florida is $412,000. This is close to the national median of approximately $410,000, offering a balanced housing market with options for various budgets.
More Florida Mortgage Tools
Use these additional calculators to plan your Florida home purchase: